The Closing Bell
Mega-cap tech carried the tape again, but a wall of earnings due after the bell turned the final hour into a holding pattern.
Oil inventories drew down, yet crude still slipped.
The EIA report showed crude stockpiles falling roughly 3.06 million barrels while Cushing stocks built close to a million, and United States Oil Fund (USO) still closed off 0.6% on the day. Treasuries were essentially flat, with the long bond proxy (TLT) up a fraction, the dollar (UUP) unchanged, and gold (GLD) higher by 0.3%, a mix that reads as a market in wait-and-see mode rather than one with a clear macro catalyst.
AI capex kept doing the heavy lifting for the index.
The Nasdaq proxy (QQQ) led with a 1.1% gain, well ahead of the S&P (SPY, +0.5%) and small caps (IWM, +0.2%), as the AI infrastructure story stayed front and center. Reports that Anthropic has locked in more than $600 billion in compute contracts, and that it still isn't enough, kept the spending narrative alive, while Amkor's $1.3 billion expansion deal with Nvidia and Dell's update on AI factory adoption reinforced the demand thesis. Microsoft's disclosure that China-aligned hackers used AI to speed up a supply-chain breach across hundreds of organizations added a cybersecurity undercurrent to the same theme.
Earnings season hit full throttle.
AT&T (T) was out before the bell as part of a packed reporting slate. The real action lands after the close tonight, with Tesla (TSLA), Meta (META), IBM, Lam Research (LRCX), Texas Instruments (TXN), CSX, Southwest (LUV), and Las Vegas Sands (LVS) all due to report, a lineup that touches AI capex, chips, rails, and consumer travel all in one sitting. Traders are already positioning for Thursday's reports from Procter & Gamble and Western Digital, with options markets pricing an 8% swing in Spotify shares around its print.
Single-name moves were scattered rather than thematic.
Braze (BRZE) ticked up even as UBS cut it to Neutral following its acquisition announcement and a law firm said it's investigating the deal. AppFolio (APPF) fell 2.8% despite a price-target hike. Guidewire (GWRE) slipped 0.9% as its president disclosed a share sale. Blackstone (BX) eased 0.6% even as it and Apollo pursue a spot on the NFL's approved private equity list, a stock still down nearly 29% on the year. Gilead (GILD) dropped almost 2% on pricing-pressure chatter around Biktarvy. HSBC rose 1.3% after disclosing a stake in Gamma Communications, and Ingram Micro (INGM) added 2.2% on partner-award news. UnitedHealth drew fresh legal pressure from a group of major corporations over claims handling, and Strategy Inc lifted its preferred stock buyback to $3 billion.
After the bell and tomorrow:
Watch Tesla and Meta for AI spending commentary, IBM and Texas Instruments for enterprise and chip demand signals, and CSX and Southwest for a read on freight and travel. Thursday brings Procter & Gamble, Western Digital, and Spotify, with volatility already priced in.
Bottom line: the Nasdaq's AI-driven leadership papered over a cautious broader tape, and tonight's earnings parade will decide whether that leadership holds.